Pros
Relatively stable environment with commonly expected flexible expectations for salaried employees and corporate type benefits package. Executive mgmt sells the idea of valuing employees over all other assets, and continually reinforce the idea that they do not have layoffs - eg job stability is paramount.
Cons
Openly acknowledged sub-par market-indexed salaries in addition to below average benefits, plus expected pay sacrifices in down cycles in exchange for stability. This can lead to flat or negative salary adjustments for years. Stock incentives are withheld for years while you sacrifice your below market income. Everything about the company screams cheap, penny consciousness. Raises are miniscule. Advancement oppty is scant. Resources and productivity are hobbled by tight budgeting. Work flexibility is compromised by thinly veiled corporate oversight - essentially spying on foot traffic, if not also web traffic. Corporate messaging about employee value falls flat in the face of real actions or lack of. There might not be layoffs (or there might), but you will pay for it, and be given a multitude of reasons to leave voluntarily.